年金计划对企业创新的影响:促进还是抑制?

基于企业年金的人力资本管理功能,本文分析了实施年金计划对企业创新的影响及其机理,并以2007―2017年A股上市公司为样本进行了实证检验。研究结果表明,企业年金具有显著的创新激励效果,实施年金计划能够显著提高企业的创新水平。影响机理检验表明,企业年金能够通过增强员工满意度、加大对员工创新技能培训投入来发挥创新激励作用。进一步研究显示,企业年金对创新的积极影响具有一定持续性,并且在不同环境和企业特征下具有异质性,即企业年金对创新的促进作用仅体现在国有企业、处于市场竞争程度较高的企业以及处于成长期的企业。本文研究结论拓展了企业年金政策实施效果与企业创新影响因素的研究,为建立并完善企业年金计划、优化薪酬福利制度以实现创新引领企业高质量发展提供了经验支持。

The Impact of Enterprise Annuity on Innovation:Promotion or Suppression?

Based on the human-capital-management functions of the enterprise annuity,this paper theoretically analyzes the impact of the implementation of annuity plans on corporate innovation and its underlying mechanism,and conducts an empirical test on the sample of A-share listed companies from 2007 to 2017.The result shows that the enterprise annuity has a significant innovation incentive effect,and the implementation of annuity plans can significantly improve the level of corporate innovation.The test of influential mechanism shows that the enterprise annuity can promote innovation by enhancing employee satisfaction and increasing investment in training employees’innovative skills.Further research shows that the positive influence of the enterprise annuity on corporate innovation has certain persistence,and is heterogeneous under different circumstances or with different corporate characteristics.That is,the promotion effect of the enterprise annuity on corporate innovation is only reflected in state-owned enterprises,enterprises with a high degree of market competition and enterprises in the growth stage.The conclusion of this paper expands the research on the implementation effect of enterprise annuity policies and the impact factors of corporate innovation,and also provides empirical support for the establishment and improvement of annuity plans and the optimization of the salary and welfare system,so as to that innovation leads the high-quality development of enterprises.